Yup, it used to work on older versions (AFAIK in all I ever had). I'm on Windows XP SP3, 32-bit. Yeah, the ones showing up incorrectly are the ones who use DropMyRights to reduce the rights of the launched applications, like so:
"C:\Archivos de programa\DropMyRights\DropMyRights.exe" "C:\Archivos de programa\Opera\Opera.exe"
Also, the Steam icon shows an unknown icon (looks to be part of Windows standard icons). This is one of these strange shortcuts which does not specify a program to be launched, the "Target" field is greyed out, and simply reads "Steam". Plus, the Half-Life shortcut shows the Steam icon, instead of the usual encircled red lambda.